COSO's guidance, Internal Control over Financial Reporting--Guidance for Smaller Public Companies
, offers smaller public companies
previously unavailable, but much needed, direction about how to design and implement cost-effective internal financial controls.
Consider additional materiality guidance for public companies
related to previously issued financial statements; and
Some readers said public companies
have to spend 30 to 40 percent more of their time on compliance and financial market requirements than privately held counterparts.
CPA firms of all sizes that conduct audits of public companies
, are committed to audit quality and want to be current on issues and regulatory developments and part of a broad-based professional community.
The ION report reflects what is happening in the boardrooms of public companies
across the country, not only among the Fortune 500 but in smaller companies as well," said Toni Wolfman, President of ION and Executive in Residence at the Women's Leadership Institute at Bentley College in Massachusetts.
MD&A Disclosure -- Non-public companies
that have a significant ownership or liability interest not represented within management or on the board of directors and organizations with substantial outside capital or organizations that operate within the public trust should consider including disclosures like the Management Discussion and Analysis discussion required by public companies
to supplement their financial statements.
So, our inspectors are inspecting smaller firms, below the 100 or more public companies
a Rockville, Maryland, firm that serves about a dozen public companies
, has a quality-control partner whose duties include Sarbanes-Oxley oversight.
Both groups work jointly to represent the interests of small public companies
and microcap public companies
in Washington, D.
One step is the formation of the SEC Advisory Committee on Smaller Public Companies
Our mandate is to help smaller public companies
comply with SOX Section 404 affordably and COSO for Smaller Public Companies
definitely helped us do that," says Bob Benoit, President and Director of SOX Research.
When Regulation Fair Disclosure took effect in October 2000, the term "safe harbor" was coined to describe the language that public companies
now routinely use to qualify forward-looking statements.